One of the most important aspects of gambling is known as money management. Although it cannot increase your odds of winning, it can significantly impact your gambling experience. All successful gamblers have control of their finances. They do not allow the casino to manipulate emotional responses when it comes to their money.
Gambling Bankroll
You should always have a set amount of money that is exclusively for gambling. This should be recreational money that is not needed for living expenses. You should put this money in a separate account and gradually add to it as extra money becomes available.The amount of money for each gambling trip should be predetermined before you arrive at the casino. Divide that amount into session bankrolls. A session bankroll is a small fraction of your overall bankroll. This protects you from losing a large portion of your bankroll at any one time.
Gambling Log
Every time you gamble, you should keep a detailed log or journal for each session that you play. There are two main reasons for this. First, when it comes time to file your taxes, it is important to have a detailed account of your gambling results. If you are audited, the IRS will expect you to have this information. Secondly, you can’t manage your gambling money if you don’t have an accurate account of how you are doing. You need to know the results of every session so you can adjust your wagers accordingly.
Limit Gambling Session Time
Gambling can be fun and intoxicating, but it can also be mentally draining. One of the biggest mistakes recreational gamblers make is gambling too long. You should never gamble for more than two hours at a time. Your mind becomes fatigued and the decision making process becomes altered. You begin making poor choices. Make sure to take at least a 15-30 minute break after every two hour gambling session.
Pocket Gambling Bank
A recent innovation has made it much easier for gamblers to remain disciplined when it comes to managing their money in a casino. There are small steel banks, about the size of a credit card but thicker, that enable you to slide your winnings into the bank. Once your money is inside the bank, you cannot access it because the keys are to be left at home. Once you are home, you use the keys to unlock the gambling safe to retrieve the money. These pocket sized banks keep gamblers from losing all of their previous winnings back to the casino.
No Access to Additional Funds
Once you set a gambling bankroll for your casino visit, you should not have access to additional funds for gambling. Each gambling session should have a fixed amount of money that can be used. If that money is lost, the session is over and no more gambling should occur until the next session. If the entire trip bankroll has been lost, no more gambling should occur until the next visit to the casino. Taking out more money is not an option. Credit cards, debit cards, or any other source of funds, should remain at home where the money cannot be accessed while in the casino environment.
You cannot be a successful gambler over the long term if you do not utilize money management techniques. There is no gambling without money, and there is no money without money management. These five methods will help you stay in control of your finances when you gamble.